Child Tax Credit 2024: How Long the IRS Will Wait This Month to Send Your Money

The IRS simply within the first week of submitting this tax season despatched 2.6 million refunds. That a lot shorter than the 21 day common for these submitting their tax return. In case you’re claiming credit, nonetheless, such because the little one tax credit score and the earned revenue tax credit score, you are wait could also be longer. 

With a number of information across the little one tax credit score this yr — together with 15 states that even have a credit score, and Congress engaged on an expanded credit score — we’ll clarify who’s affected beneath, together with when you possibly can count on your IRS cash to reach. 

For extra, discover out in case your state is sending little one tax credit score funds this yr. Need assistance submitting your taxes? Here is how you can file free of charge. 

Learn extra: Finest Tax Software program for 2024

What’s the little one tax credit score?

The kid tax credit score is a tax break households can obtain if they’ve qualifying kids. The quantity a household can obtain is as much as $2,000 per little one, but it surely’s solely partially refundable. Which means if not all is utilized to any taxes you owe to decrease your tax invoice, you might not obtain the extra cash left over. 

The refundable portion known as the extra little one tax credit score, and this yr the refundable quantity is $1,600. 

When to count on your little one tax credit score refund

Most extra little one tax credit-related refunds must be obtainable in financial institution accounts or on debit playing cards by Feb. 27, the IRS stated, if taxpayers select direct deposit and there are not any different points with their tax return. Some may even see their funds deposited a couple of days sooner.

The delay, in accordance with the IRS, is as a result of the company can’t challenge refunds involving the extra little one tax credit score (and the earned revenue tax credit score) earlier than mid-February. The agency, by law, is required to make use of the additional time to stop fraudulent refunds.

You may test Where’s My Refund? to your personalised refund date. The place’s My Refund? can be up to date with projected deposit dates for many early EITC/ACTC refund filers by Feb. 17.

For extra tax info, this is why you must file as quickly as attainable. Additionally, this is how you can submit your tax return to the IRS free of charge.